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Mar 16, 2013 10:00am PDT
that without at least a patch, the government could shut down. by law, we're supposed to have an actual budget resolution voted on and in place by april 15th. but as i said, we are way behind on that. and then on may 18th, we're set to hit the debt ceiling. some say that's going to be the real showdown. annie lowry is the economic policy reporter with "the new york times." nancy cook is the economic and fiscal correspondent for the "national journal." annie, both sides put budgets out. everybody knows neither one is going anywhere. what happens next? >> eventually we'll go through the same sort of continuing resolution process you've seen in the last couple years. the budgets are political documents. they'll probably both pass their respective houses but there's almost no way to bridge the gap between them and they're very vague documents. again, these are kind of political postures. we'll go through the same sort of slow process of appropriating money through continuing resolution that we've last the last couple years. >> the budgetary process, central to what the government is supposed to do
Mar 17, 2013 12:00pm PDT
law, wealthy americans would get a sizable tax cuts, there would be two tax brackets, 10% and 25%, instead of the current seven we have. low-income americans wouldn't be affected by that. some middle-income americans would benefit. but according to the left-leaning citizens for tax justice, the average millionaire making more than $3 million would pay $203,000 less in taxes if they give up all their tax breaks. if they don't, they pay $345,000 less. so senator, the problem with the proposal is he doesn't say where he'll make up for the lost revenue. where do you get a sense the cuts are going to come from? >> well, in terms of the budget that was proposed by the house of representatives, cuts are coming primarily or savings are coming primarily from reform of social security, medicaid, and reform of medicare as well as cuts in discretionary spending, moving some of them away from defense and other areas of government. the difference in the two budget, the ten-year prospect of that passed in the house of representatives is $41 trillion spending over ten years. the senate budget, w
Search Results 0 to 1 of about 2